As a Texas fan, I am obviously biased and think we should get in. But here is my best attempt at an un-biased take:
All teams have a ceiling and a floor. Winning a National Championship requires an extremely high ceiling, so the Committee's main focus SHOULD be finding the 12 teams with the highest ceilings and putting those 12 teams into the playoff. Keeping teams out because of a bad loss, in my opinion, focuses too much on the floor rather than the ceiling. Here's what I mean by that. Let's say you rank every team's floor and ceiling on a scale of 1-10 (1 means you suck, 10 means you're the best). This year, you could argue that our floor is probably a 3 because of our loss to Florida as well as our struggles with MSU and UK. However, you can also argue that our ceiling is probably an 8 because of our 3 wins against OU, Vandy, and A&M as well as our close loss to OSU. Now compare that to one of the other bubble teams like Vandy: You could argue their floor is higher than ours because they only have 2 losses (both of which were to good teams), so let's just say their floor is a 5. HOWEVER: there is no justification to argue that their ceiling is much higher than their floor. They haven't beaten any good teams, and they also struggled with some bad ones. So let's say their ceiling is a 6. If you compare Texas (with a floor-ceiling span of 3-8) to a team like Vandy (span of 5-6), there's no reasonable argument to be made that Vandy is more likely to WIN a National Championship than Texas. Is Texas more likely to drop a game to a bad team? Sure, technically they are. But, A) there won't be any bad teams in the playoffs, and B) Texas has already shown they can beat other playoff teams. Oh, and C) Texas fucking beat Vandy.
In summary: Focusing on something with a small floor-ceiling span might be a safe way to invest your money, but it's a stupid way to pick teams for a playoff.
If the committee ranks Vandy ahead of us tonight, I will riot.